AMERICAS
Cypress Semiconductor, an American semiconductor design and manufacturing company, announced that Infineon Technologies obtained antitrust clearance from China's State Administration for Market Regulation for their merger. Cypress expects the merger to close on or about April 16, 2020, pursuant to the terms of the merger agreement.
Cypress is advised by Morgan Stanley and Simpson Thacher & Bartlett. Morgan Stanley is advised by Gibson Dunn & Crutcher. Infineon is advised by Bank of America Merrill Lynch, Credit Suisse, JP Morgan, Freshfields Bruckhaus Deringer and Kirkland & Ellis. Credit Suisse is advised by Cleary Gottlieb Steen & Hamilton. Debt financing is provided by Bank of America Merrill Lynch, Credit Suisse and JP Morgan. Debt providers are advised by Linklaters.
Harsco, a provider of industrial services and engineered products, completed the acquisition of Stericycle's Environmental Solutions Business, an established hazardous waste transportation and processing solutions provider, for $463m.
"The addition of ESOL to the Clean Earth hazardous waste platform is a unique opportunity to bring together two highly complementary, market-leading waste management portfolios. The leadership team at Clean Earth is very familiar with the ESOL business, and we see a significant opportunity to optimize these combined businesses and unlock the additional value creation potential of the ESOL assets. We look forward to welcoming the ESOL team to Harsco and realizing the benefits of this highly strategic and accretive transaction," Nick Grasberger, Harsco Chairman and CEO.
Harsco was advised by Goldman Sachs, Fried Frank Harris Shriver & Jacobson and Simpson Thacher & Bartlett. Goldman Sachs was advised by Sullivan & Cromwell. Stericycle was advised by Bank of America Merrill Lynch, Stifel and Latham & Watkins.
Gilead, a research-based biopharmaceutical company, completed the acquisition of Forty Seven, a clinical-stage immuno-oncology company that is developing therapies targeting cancer immune evasion pathways, for $4.9bn.
"We will now work together to accelerate the progress of magrolimab and advance Gilead's work in immuno-oncology. I am delighted to welcome the Forty Seven team, whose unique expertise will be of great value as we grow our clinical pipeline and work to help more patients with some of the toughest forms of cancer," Daniel O'Day, Gilead Sciences Chairman and Chief Executive Officer.
Forty Seven was advised by Centerview Partners, Cooley, HDMZ and Stern IR. Gilead was advised by Citigroup, JP Morgan and Skadden Arps Slate Meagher & Flom.
Silver Lake and Sixth Street Partners to invest $1bn into Airbnb. (FS)
Silver Lake and Sixth Street Partners, two private equity firms, agreed to invest $1bn into Airbnb, an online marketplace for arranging or offering lodging, primarily homestays, or tourism experiences. The funding is an effort by Airbnb to shore up its finances after its business was devastated by the coronavirus pandemic that slammed the global travel industry.
"The new resources will support Airbnb's ongoing work to invest over the long term in its community of hosts who share their homes and experiences, as well as the work to serve all stakeholders in the Airbnb community," Airbnb.
GlaxoSmithKline, a British multinational pharmaceutical company, agreed to acquire a 6% stake in Vir Biotechnology, a clinical-stage immunology company, which develops therapeutic products to treat and prevent serious infectious diseases, for $250m. The companies agreed to enter into a collaboration to research and develop solutions for coronaviruses, including SARS-CoV-2, the virus that causes Covid-19.
"Vir's unique antibody platform has precedented success in identifying and developing antibodies as treatments for multiple pathogens, and it is highly complementary with our R&D approach to focus on the science of immunology. I am very excited that the talent and passion of our two companies will come together to develop solutions for multiple diseases, including the very promising antibody candidates targeting Covid-19," Hal Barron, GSK Chief Scientific Officer and President R&D.
The Public Sector Pension Investment Board completed a strategic investment in SitusAMC, an independent provider of advisory, strategic outsourcing, talent and technology solutions to the commercial and residential real estate finance industry. PSP Investments joins Stone Point Capital, which remains the largest shareholder in SitusAMC. Financial terms were not disclosed.
"We are thrilled to partner with PSP Investments as we look to transform the real estate finance industry. Having long-term capital partners such as PSP Investments and Stone Point Capital will be a driving force for our company through market cycles as we continue to help our clients identify and capture opportunities across the entire lifecycle of their commercial and residential real estate activity," Michael Franco, SitusAMC CEO.
PsiQuantum, a general-purpose silicon photonic quantum computing company, raised $215m in a Microsoft- and Playground-led funding round. Other investors include Atomico, Founders Fund, Redpoint Ventures and BlackRock Advisors. The money will go towards building a computer with 1m qubits, or quantum bits, a general-purpose quantum computer that would be broadly useful to businesses.
"PsiQuantum and Microsoft have different sets of engineering challenges to address with their distinct approaches, but the companies share the vision for a scalable, fault-tolerant quantum computer," Samir Kumar, Microsoft M12 Venture Fund Head.
CNN completed the acquisition of Canopy, a 15-person startup that developed a personalized, privacy-focused content-recommendation engine. Financial terms were not disclosed.
CNN said it will use Canopy's system for the development of "NewsCo," the code-name for its forthcoming news and information platform stocked with content form CNN and third-party partners. With the addition of Canopy's team, CNN will have a team of about two dozen focused on the "NewsCo" project.
Deerfield raised $840m for a health-care venture fund. (FS)
Deerfield Management, a health-care investment firm, raised $840m for a new venture capital fund dedicated to early drug innovation, digital health and medical technology.
New York-based Deerfield said half of the funds will be used to back companies and academic institutions developing new drugs. The rest will be put toward digital health, telemedicine, medical-technology and health-care delivery companies, which the firm expects to become more important to the health-care system in the wake of the coronavirus pandemic.
"There's no question that the pandemic has accelerated this mission. Hospital systems amid the outbreak have logistically been a nightmare. It's becoming less safe for people who require emergency care, for example, to be able to get that care and then follow up. Digital health companies have a value proposition to the system, and we'll focus on a number of things in that vein," James E. Flynn, Deerfield Managing Partner.
American Pacific Group seeks to raise $450m for its debut fund. (FS)
San Francisco-based American Pacific Group, a new private equity house from former HIG managing director Fraser Preston, raced to a $450m hard cap final close for its debut fund in just a couple of months.
It plans to make control investments in "complex opportunities", primarily in technology companies in North America.
EMEA
With their sales hammered by the coronavirus outbreak, carmakers Fiat Chrysler and Peugeot's owner PSA postponed their shareholder meetings and are looking at ways to boost cash reserves ahead of their planned merger, Reuters reported.
The two carmakers turned to their banks to secure much-needed cash, and Fiat Chrysler is looking at debt guarantees that the Italian government approved on Monday to support local companies.
Fiat Chrysler is advised by Bank of America Merrill Lynch, Barclays, Citigroup, Goldman Sachs, JP Morgan, UBS, d'Angelin & Co, Darrois Villey Maillot Brochier, De Brauw Blackstone Westbroek, Legance, Loyens & Loeff, Sullivan & Cromwell, Cleary Gottlieb Steen & Hamilton, Macfarlanes, Community Group, Image Sept, and Sard Verbinnen & Co. Bpifrance is advised by Willkie Farr & Gallagher. Peugeot Family is advised by Zaoui & Co. PSA Group is advised by Mediobanca, Messier Maris & Associes, Morgan Stanley, Perella Weinberg Partners, Bredin Prat, Cabinet Bompoint, Linklaters, and Stibbe.
Servier to acquire Symphogen.
Servier, an international pharmaceutical company, agreed to acquire Symphogen, a privately-owned biotech company focused on oncology and immuno-oncology. Financial terms were not disclosed.
"The acquisition of Symphogen is an important step for Servier to meet its strategic ambitions to become a recognized player in oncology. Antibody-based therapies remain a key therapeutic modality within oncology and immuno-oncology, and with Symphogen's strong antibody capabilities, this acquisition will boost significantly our R&D in oncology and in our other therapeutic areas. Our goal is to bring life-saving treatments to greater numbers of patients around the world. We thoroughly look forward to welcoming Symphogen to the Servier Group following the closing of the deal," Olivier Laureau, Servier President.
Symphogen is advised by Rothschild & Co, Perkins Coie and Plesner. Servier is advised by Lazard, Gorrissen Federspiel and McDermott Will & Emery.
Wafra, a Kuwaiti investment firm, agreed to invest $100m in Pure Harvest, which focuses on the production of greenhouse fruits and vegetables in the challenging climates of Gulf region using Dutch greenhouse growing technologies.
"The global need for innovation in agriculture has never been greater. The recent Covid-19 crisis and resulting supply chain disruptions further highlight the need for sustainable local-for-local food production capacity, especially for fresh, nutrient-rich foods," Sky Kurtz, Pure Harvest Founder and CEO.
Pure Harvest is advised by CW8 Communications.
GCA, a multinational investment bank headquartered in San Francisco, completed the acquisition of Stella EOC, a technology and media investment banking boutique with coverage in the UK and Europe. Financial terms were not disclosed.
"This combination with GCA marks a new chapter for Stella EOC. After a sustained period of growth and having delivered landmark tech and media transactions across Europe, we're delighted to embark on this next phase, extending our expertise to the US and Asia and delivering an extended range of services to our clients and stakeholders," Fredrik Malmberg, Stella EOC Managing Partner.
Conex, a petroleum products import, distribution and supply chain management company, agreed to acquire Total's marketing & services businesses located in Sierra Leone and Liberia. Financial terms were not disclosed.
The sale of these two affiliates is expected to be completed in the second quarter of 2020.
"These sales will contribute to Total's ongoing divestment program and demonstrate our ability to relentlessly high grade our portfolio. In the current context of low oil prices, these transactions support the action plan announced to weather the crisis," Jean-Pierre Sbraire, Total CFO.
Gateway Partners, a Dubai-based private equity firm, agreed to acquire a 40% stake in Gulf franchise of Tim Hortons, a coffee and breakfast chain, from Apparel Group, a fashion retailer, for $50m.
Apparel's chairman Nilesh Ved confirmed Gateway's investment, which he said would be used to grow the business, but declined to discuss the value or size of the deal.
"We are going to take it to Egypt and India and expand in the Gulf," Nilesh Ved, Apparel Chairman.
GIP and Brookfield consider bidding for Adnoc gas pipelines. (FS)
Global Infrastructure Partners and Brookfield Asset Management are among investors in talks to jointly bid for a stake in Abu Dhabi National Oil's natural gas pipelines, which could be valued at c. $15bn, Bloomberg reported.
Italian infrastructure operator Snam, Ontario Teachers Pension Plan, Singapore sovereign fund GIC and a Korean firm are in discussions to join the same consortium, which has been pursuing as much as a 49% stake in the assets.
The group is the only remaining bidder for the stake - which could rank as one of this year's largest infrastructure deals globally - after other parties including Australian fund manager IFM Investors dropped out.
FTI Consulting considers Delta Partners acquisition.
FTI Consulting, the US-based corporate advisory firm, is considering an acquisition of boutique consultancy Delta Partners to expand its offerings for telecommunications and technology clients, Bloomberg reported.
FTI has been holding discussions about a combination with Delta since before the coronavirus pandemic roiled global markets. Dubai-based Delta would prefer a deal allowing its current management to retain control over strategic decisionmaking. Delta has been seeking a strategic partner to help expand its operations for several years.
Italy expands anti-takeover powers and prepares tools to boost firms liquidity.
Italy's government expanded its powers to block foreign takeovers and prepared a massive injection of liquidity into companies that risk bankruptcy amid the coronavirus outbreak.
Prime Minister Giuseppe Conte announced new economic measures as the country enters its fifth week of lockdown, with all non-essential businesses shuttered and still no plan to relax restrictions. The government will back loans to companies for a total of more than €750bn ($809bn), expanding previously agreed guarantees by €400bn ($442bn). No aid will be given to companies that pay out dividends.
"This is a huge sum, both for the internal market and for exports," Giuseppe Conte, Italy Prime Minister.
Germany considers tightening rules on foreign takeovers.
Chancellor Angela Merkel's government plans to bring in new rules to protect German companies from takeovers by entities based outside the European Union. The bill would enable the government to block deals that present "potential interference" to German interests, Bloomberg reported.
At the moment, it can only prevent a takeover if it is seen as posing a security threat. Authorities will also be able to restrict access to companies' know-how while an acquisition is being reviewed.
EQT in talks to acquire Schülke. (FS)
EQT entered exclusive negotiations to acquire Schülke, a Germany-based hygiene products producer, following a sale process that saw the asset becoming increasingly attractive due to the impact of the coronavirus.
Golding Capital Partners raised €710m for infrastructure fund. (FS)
Golding Capital Partners, the Munich-based fund of funds manager, closed its latest infrastructure vehicle, raising €710m ($785m).
Nearly 70 investors committed capital to Golding Infrastructure 2018, taking the overall assets under management to more than €9bn ($9.9bn). The firm is planning to launch further infrastructure investment vehicles for institutional investors in the summer.
Patrimonium holds first close of its largest PE fund at €100m. (FS)
Patrimonium, a €3bn ($3.2bn) private market investor, held the first close of its latest private equity fund, the Patrimonium Private Equity Fund, at €100m ($110m). Institutional investors from Switzerland and the rest of Europe, as well as family offices, participated in the first close.
The fund, which has a target size of €200m ($221m), already completed its first investment and currently negotiates further investments and add-ons.
APAC
Golden Skies Ventures offered to acquire Malaysia Airlines, an airline operating company, from Khazanah Nasional, a sovereign wealth fund, for $2.5bn.
"We have secured in excess of $2.5bn from the bank. We will take about three to four months to get the long-term financing," Shahril Lamin, GSV CEO.
Khazanah Nasional is advised by Morgan Stanley.
Shell, a British-Dutch oil and gas company, completed the acquisition of Total E&P Deep Offshore Borneo, which holds an 86.95% interest in Block CA1, an oil exploration asset in Brunei, for $300m.
"This transaction is consistent with Shell's deep water strategy to deliver competitive growth from a diverse international portfolio. We look forward to playing our part in a strong and established industry that is helping Brunei to meet its energy needs," Ivo Verstralen, Shell Deepwater Borneo Managing Director.
Huafa Industrial, a subsidiary of Zhuhai Huafa Group, and a property development and operation company, agreed to acquire a 30% stake in Weiye Decoration Group, a provider of interior decoration services, for $127m.
The deal will require the approval of the Asset Supervision and Administration Commission of Zhuhai and Shenzhen branch of China Securities Depository and Clearing.
Argyle Street Management pushes Toshiba to sell stake in an ex-chip unit at IPO. (FS)
Argyle Street Management, a hedge fund with over $1.5bn under management and an activist investor in Toshiba, asked the Japanese conglomerate to sell its entire stake in Kioxia Holdings when the flash memory chip firm is listed in an IPO that could raise up to $32bn, Reuters reported.
The IPO of Kioxia, the world's second-largest flash memory chip maker, could be the largest Japanese listing this year. Market valuation could reach $32bn, domestic media reports have estimated. However, the coronavirus outbreak has created uncertainty over the timing of the IPO and valuation of the shares, given that the market for flash memory chips, used in smartphones and data storage servers, is highly volatile.
China Three Gorges considers $3.5bn IPO of renewables unit.
China Three Gorges Renewables Group is seeking to raise CNY25bn ($3.5bn) in what could be one of the country's biggest IPOs this year. The company plans to sell as many as 8.57bn shares in Shanghai. The assets to be listed are mainly domestic solar and wind farms, as well as small hydro power plants, with a total capacity of almost 10 GW.
The listing comes as a parent company, China Three Gorges, seeks to establish a new unit to hold international assets, which it has snatched up in the past decade, particularly in Latin America. In December, the state-owned giant was working with advisers on setting up the entity, with a view to consider a listing of the whole unit or some of the assets.
TPG and KKR in a race to acquire a 20% stake in Indian conglomerate Piramal's pharma business. (FS)
TPG Capital and KKR emerged as the front runners to invest c. $500m for a 20% stake in Piramal Group's proposed pharmaceutical entity that would combine the group's pharma businesses. The deal, once completed, may value the Piramal Group's overall pharma business at $2.5bn.
Super Energy considers acquiring a controlling stake in Vietnamese solar power projects for $457m.
Super Energy, a Thai power group, is set to acquire four solar power assets in Vietnam at a transaction value not exceeding $457m. Through its subsidiaries, Super Energy will hold a 100% interest each in two projects, and 70% and 80% in two others, respectively.
The Vietnam-based Loc Ninh solar power cluster, originally developed by Vietnamese state-owned power generator Electricity of Vietnam, has a total installed capacity of 750 MW.
PrimeCredit considers sale of the business.
PrimeCredit, a Hong Kong consumer credit company, is exploring a sale of the business, Bloomberg reported.
PrimeCredit is working with HSBC as it prepares for a potential sale. The company is aiming for a valuation of $500m to $1bn. PrimeCredit, founded in 1977, focuses on the origination of personal loans and credit cards in Hong Kong, and it also counts a customer base in southern China with a hub in Shenzhen.
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